The Nation - News from May 15, 1987
The Senate passed legislation to pump $7.5 billion into the beleaguered Federal Savings and Loan Insurance Corp., the thrift industry’s deposit insurance fund, but refused to remove the bailout from a comprehensive banking bill. The Senate approved the bailout after rejecting an effort by Sen. Jake Garn (R-Utah) to strip the two-year aid bill of everything but the FSLIC recapitalization. “I feel very strongly we should not encumber recapitalization of FSLIC with any other provisions,” Garn said.
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